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Monterey, NL. The industrial real estate market in Monterrey closed 2021 with a historical maximum of net absorption (difference between occupied and unoccupied square meters) in the last five years, with 873,000 square meters; and a record number of gross absorption (which includes pre-leased spaces and renovations) with 1.28 million square meters, indicates an analysis by the real estate investment and services firm CBRE.

Of the total spaces that were sold, 74% were expansions of companies already established in the region that continue to grow and consolidate, and 26% were new companies driven by supply and market potential.

Demand was mainly driven by business transactions from U.S, with 41% of the total, followed by 21% of European companies and 16% of Asian firms. Germany was the country with the highest European investment with 8% of operations and China traded 10% of total Asian operations, notes CBRE.

In the first nine months of the year, Nuevo León ranked second nationally in attracting foreign direct investment (FDI), adding 2,322 million dollars, which represents 9.4% of the national total, (only below Mexico City with 16.5%).

“The manufacturing industry is the main industrial engine in the region, making up 38% of the transactions in the year, within which the manufacture of tools, machinery and electronics/appliances stands out. In second place is the automotive industry, with 24% of transactions, followed by logistics, with 15%, and electronic commerce and packaging paper, both with 6%”, explained Ramón Flores, executive vice president of CBRE Northeast region.

continue to build

At the end of the fourth quarter 2021, the construction of just over 146,000 square meters of industrial spaces was completed, of which 67% are build to suit developments (custom industrial buildings) and the remaining 33% are speculative or inventory buildings.

The construction indicator closed the quarter with 678,000 square meters. Built-to-suit developments make up 60% of the total. Large spaces such as the AGP Glass plant, Hisense and the Uline expansion stand out, which together add up to just over 180,000 square meters.

Construction of new speculative spaces is expected to begin in the following quarter, since just over 300,000 square meters were pre-leased during this last quarter of the year.

At the end of 2021, Apodaca is positioned as the corridor with the highest commercialization, with 35% of transactions, followed by Ciénega de Flores with 18%, Santa Catarina with 16% and Escobedo with 13%. It is important to note that these four submarkets are the ones with the largest vacant space, while the rest have a more limited speculative vacancy.

The high demand for the Apodaca corridor continues to be the corridor with the highest prices and the largest amount of speculative space under construction (197,000 square meters).

The inventory of industrial real estate is 11.5 million square meters.


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